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Company Directors (Responsibilities)

Volume 884: debated on Tuesday 21 January 1975

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asked the Secretary of State for Trade if he will review the appropriateness of Section 332 of the Companies Act 1948 in the context of the William C. Leitch Bros. Ltd. decision and the responsibility of directors against the general background of the financial difficulties of business and the delays inherent in the provision of Government financial assistance under the Industry Act which can have the effect of exposing directors to charges of fraudulent trading.

I am not persuaded that a change in this provision in the context cited would be beneficial in present circumstances.